Insurance - PricewaterhouseCoopers

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5.8 Sources of redress Financial Ombudsman Service Complaints procedures to address any breakdown in policyholder protection are well established across the industry. Licence holders are accountable for losses suffered by retail clients as a result of the actions of their representatives. The FSR Act requires all insurance companies to have clearly documented internal dispute resolution procedures for retail clients, and to belong to an external dispute resolution scheme which meets ASIC-approved standards. The Financial Ombudsman Service (FOS) commenced operations on 1 July 2008. FOS brings together the dispute resolution services provided by: • • • Insurance Ombudsman Service Banking and Financial Services Ombudsman Financial Industry Complaints Service As a result, the new FOS comprises three divisions: • • • General insurance Investments, life insurance and superannuation Banking and finance each of which is headed by an individual industry Ombudsman. Health insurance Health insurance complaints are handled by the Private Health Insurance Ombudsman (PHIO), as authorised by the Government. PHIO provides a free service to consumers to assist with health insurance problems and enquiries. It also deals with complaints from health funds, private hospitals or medical practitioners regarding health insurance arrangements. 192 | Insurance facts and figures 2009
Notes PricewaterhouseCoopers | 193 Policyholder protection
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Insurance facts and figures 2009
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Insurance facts and figures 2009
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4 Insurance Brokers 161 Introductio
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IFRS International Financial Report
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It is with great pleasure that we w
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10 | Insurance facts and figures 20
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1.1 Statistics Top 15 general insur
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Top 10 government insurers Entity S
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Direct insurers 25% 20% 15% 10% 5%
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Reinsurers 25% 20% 15% 10% 5% 0% -5
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Total private sector 25.0% 20.0% 15
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Major Australian catastrophes Origi
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1.2 Key developments Refinements to
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1.3 Regulators of general insurance
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Regulatory framework In September 2
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Restructure of operations The Insur
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Ongoing notification obligations Li
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Table 1.3 - Summary of current GI p
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Risk management GPS 220 Risk Manage
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Risk Management Declaration (RMD) T
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Key requirements of the prudential
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The key requirements of GPS 410 are
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1.5 Solvency and capital adequacy r
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The MCR represents an allowance for
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Capital adequacy: internal model-ba
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Table 1.6 - Counterparty grades Gra
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Capital adequacy: concentration ris
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The list of assets that cannot be i
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Reinsurance Management GPS 230 aims
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The “two-month” and “six-mont
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1.7 General insurance financial rep
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In contrast, stamp duty and the Goo
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The July 2004 version of AASB 1023
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1. Income statement The income stat
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Basis for financial reporting In ge
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• The financial information lodge
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When an insurer does not adopt the
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• • • • Controls - Consider
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1.8 General insurance taxation Gene
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Liability adequacy testing Under th
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Reinsurance recoveries are assessab
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Special rules also exist for a rang
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Other levies and taxes Fire Service
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Life Insurance 2 Introduction - Ton
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This is a very difficult and challe
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Performance Financial Position: Res
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Determination of the risk free disc
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Since its establishment in 1998, AP
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• Register of representatives, i.
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Table 2.1 - Life insurance prudenti
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Risk management The key requirement
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Audit and actuarial requirements Th
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2.5 Solvency and capital adequacy r
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Management capital LPS6.03 Manageme
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2.7 Life insurance financial report
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Changes in the assumptions underlyi
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A MSE arises when the sum of consid
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Disclosure requirements AASB 1038 r
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In addition, a life insurer which h
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2.8 Life insurance taxation General
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Assessable income also specifically
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Capital losses from VPST assets can
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The meaning of life insurance from
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characterised as a separate policy
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3.1 Statistics Top 15 health insure
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Health insurance 60.0% 50.0% 40.0%
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Page 158 and 159: Key dates Private Health Insurance
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Page 163 and 164: Insurance Brokers 4 Introduction -
Page 165 and 166: Insurance brokers play a vital role
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Page 171 and 172: 4.4 Solvency and capital adequacy r
Page 173 and 174: 4.5 Insurance brokers financial rep
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Page 177: Goods and services tax Under the Au
Page 180 and 181: 5.1 Key developments On 17 October
Page 182 and 183: • • Use of personal information
Page 184 and 185: Regulation of Direct Offshore Forei
Page 186 and 187: • a product disclosure statement
Page 188 and 189: Health insurance The Australian Gov
Page 190 and 191: 5.5 Sales practice regulation The F
Page 192 and 193: 5.6 Ability to pay claims As outlin
Page 197 and 198: Insurance 6 Directory 6.1 Governmen
Page 199 and 200: Motor Accident Insurance Commission
Page 201 and 202: Workplace Standards Tasmania Workpl
Page 203 and 204: Australasian Institute of Marine Su
Page 205 and 206: Australian & New Zealand Institute
Page 207 and 208: IBNA Ltd IBNA (formerly Insurance B
Page 209 and 210: Insurance Advisers Association of A
Page 211 and 212: Investment and Financial Services A
Page 213 and 214: 6.3 Complaints review services The
Page 215 and 216: General insurers authorised to cond
Page 217 and 218: General insurers authorised to cond
Page 219 and 220: Registered life insurers Swiss Re L
Page 221 and 222: Registered health insurers Police H
Page 223: Notes PricewaterhouseCoopers | 221
Page 226 and 227: PwC in the insurance industry Price
Page 228 and 229: Publications continued 226 | Insura
Page 230 and 231: PwC Australian offices and insuranc
Page 232: Notes 230 | Insurance facts and fig
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Insurance - PricewaterhouseCoopers

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